Financial Innovation and Technology Association (FINTR) Chairman Demet Zübeyiroğlu said, “This year, rapid steps will be taken in open banking, which enables digitalization and democratization of the sector. The micro-finance segment will grow with the increasing needs of SMEs, ”he said.
Zübeyiroğlu stated that changing consumer behaviors and habits during the pandemic period increased the demand for much faster and more comprehensive financial services, and that this situation both increased the number of customers and transaction volumes of fintechs and led banking and finance companies to cooperate. In 2020, 60 percent of fintech said that it takes to develop and market new products and services Zübeyiroğl “Turkey fintech ecosystem also proceeded in parallel with the world in this regard. 2020 Turkey laid the seeds of many collaborations with traditional financial companies in fintech ecosystem, was also a year in which many of them to start. In addition, there have been fintech startups such as Figopara, Tarfin, Mobilexpress and A Option that received over million dollars of investment ”.
Zübeyiroğlu stated that in 2020, there were mergers and acquisitions worth 2.8 trillion dollars in the world and mergers and acquisitions in the fintech sector increased, “For example, the acquisition of the domestic payment platform Payguru by mobile payment company TPAY Mobile can be considered as one of the important developments. Collaborations between banking and finance companies and fintechs will increase. We will see that efforts will also be made to increase the financial and digital literacy of consumers and will be added to products and services. Rapid steps will also be taken in open banking, which enables digitalization and democratization of the sector. The micro-finance segment will grow with the increasing needs of SMEs, ”he said.
Fintech purchases in banks will continue
A new era in exponentially growing e-commerce from the impact of the transaction volume in digital payment systems in Turkey grew by 40 percent in 2021 is expected to approximate $ 53 billion to reach stressed Zübeyiroğl “Turkey of digital payment system which is the largest segment of the fintech sector, we still foresee in the foreground. Finally, in this uncertain environment, risk management will also maintain its importance as a strategic need for the entire fintech ecosystem. It is possible to say that algorithms supporting credit scores and artificial intelligence-supported startups related to AML will come to the fore ”.
Zübeyiroğlu noted that well-established and traditional banks gained a new perspective by getting the support of fintechs and could better adapt to the pace of the age, adding that: “On the other hand, fintechs also benefit from the experience and knowledge of the banks. Especially for startups, it is very valuable for banks to direct them on issues such as business model and income flow. If we give an example; Turkey Business Bank, last year bought Moka organization the payment of 3.8 million dollars. This situation is a mutual win-win situation. So there is no reason why this trend should not continue. “
Source: Dünya Gazetesi by www.dunya.com.
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